Settlement: Bank of America Reaches $500M Settlement

Home > Settlements > Bank of America Reaches $500M Settlement Bank of America Reaches $500M Settlement April 17 2013 New York, NY: Bank of America has reached a settlement in the pending securities fraud class action lawsuit brought by investors who purchased mortgage investments from Countrywide Financial. BoFA acquired Countrywide in 2008. The proposed settlement would see BoFA pay $500 million to settle the lawsuit, which would be paid out to plaintiffs that include Dubai's Mashreq Bank and public and union pension funds in California, Maine, Nevada, Vermont and Washington states. The plaintiffs claimed they were misled about the risks of securities they bought from California-based Countrywide between 2005 and 2007. The settlement surpasses the $315 million accord reached with Merrill Lynch in May 2012, making it the largest to resolve federal class-action litigation over mortgage-backed securities since the financial crisis began. The accord requires court approval. Legal Help If you have a similar problem and would like to be contacted by a lawyer at no cost or obligation, please click the link below. Submit Claim
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Settlement: Ameriprise Agrees Preliminary Settlement in Securities America Investor Class Action

Home > Settlements > Ameriprise Agrees Preliminary Settlement in Securities America Investor Class Action Ameriprise Agrees Preliminary Settlement in Securities America Investor Class Action April 13 2011 New York, NY: A preliminary settlement has been reached by Ameriprise Financial and its brokerage unit, Securities America Inc, and clients who allege in they lost roughly $400 million on fraudulent private placements. The preliminary agreement would see Securities America pay $80 million, further to a separate agreement in which SA has agreed to pay $70 million. If approved, the settlement would mean a recovery of 40 cents on the dollar, after fees. If approved, the majority of the settlement will http://attorney-in-temecula.com/more-information/bankruptcy/ be paid by Ameriprise. Legal Help If you have a similar problem and would like to be contacted by a lawyer at no cost or obligation, please fill in the form to the right. Submit Claim
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Settlement: Ameriprise Agrees Preliminary Settlement in Securities America Investor Class Action

Home > Settlements > Ameriprise Agrees Preliminary Settlement in Securities America Investor Class Action Ameriprise Agrees Preliminary Settlement in Securities America Investor Class Action April 13 2011 New York, NY: A preliminary settlement has been reached by Ameriprise Financial and its brokerage unit, Securities America Inc, http://cortrightlaw.com/bankruptcy and clients who allege in they lost roughly $400 million on fraudulent private placements. The preliminary agreement would see Securities America pay $80 million, further to a separate agreement in which SA has agreed to pay $70 million. If approved, the settlement would mean a recovery of 40 cents on the dollar, after fees. If approved, the majority of the settlement will be paid by Ameriprise. Legal Help If you have a similar problem and would like to be contacted by a lawyer at no cost or obligation, please fill in the form to the right. Submit Claim
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Settlement: Historic $10M Settlement Reached in Debt Collection Class Action

Home > Settlements > Historic $10M Settlement Reached in Debt Collection Class Action Historic $10M Settlement Reached in Debt Collection Class Action September 12 2011 Greenville, SC: Thousands of people have been forgiven their debts in a historical unfair business class action settlement reached Friday in Maryland. The class action lawsuit was brought by Jason Hauk and Freddy Velazquez who led the class action suit, against LVNV Funding LLC, a Greenville, SC-based company that buys consumer debt. According to the terms of the settlement some 3,500 people in the class will receive about $2000 each, for a total of $7 million. The total settlement forgives about $10 million in debt, according to filings in U.S. District Court in Baltimore. Further, LVNV will not pursue the 3,500 debtors in order to collect the debt, nor will they be able to sell those debts to other third party collection agencies. And LVNV have to remove information it gave to the major credit bureaus for each of those debtors, a step taken to improve their credit ratings. The settlement is being hailed as historic, and a major win for the class. Legal Help If you have a similar problem and would like to be contacted by a lawyer at no cost or obligation, please fill in the form to the right. Submit Claim
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Law Suit Filed: JPMorgan Chase Accused of Fraud in Bankruptcy Filings

What are you looking for? Home Page >> Lawsuits Filed >> Lawsuit: JPMorgan http://bankruptcy-software.com Chase Accused of Fraud in Bankruptcy Filings JPMorgan Chase Accused of Fraud in Bankruptcy Filings Please click here for a free evaluation of your claim Newport Beach, CA: A consumer fraud class action filed against JPMorgan Chase alleges the bank routinely fabricated documents to deceive bankruptcy judges. The lawsuit, filed by Ernest Michael Bakenie, states "Through the use of fabricated assignments, endorsements and affidavits that purport to transfer deeds of trust, notes and the rights to all monies due under the terms of tens of thousands of non-negotiable promissory notes (the 'MLNs'); Chase has demonstrated a pattern and practice of playing 'hide-and-seek' with debtors, judges and other bankruptcy players." Bakenie further claims that Chase's "pattern and practice of playing 'hide-and-seek' with debtors, judges and other bankruptcy players" resulted in the bank securing motions for relief of stay and proofs of claim in 95 percent of its cases. According to the lawsuit, an extensive network of attorneys working for Chase filed more than 7,000 motions for relief from automatic stay in bankruptcy cases in the Central District of California, "wherein they falsely claim to be the party entitled to monies due under the terms of MLNs." The lawsuit also claims that Chase rewards attorneys based on how quickly they can secure the stays, and uses fabricated documents to establish chain of title on loans. Essentially, the lawsuit claims, "Rather than incur the cost of 'proving up' its own standing or the standing of its principal Mortgage Backed Security Trust, Chase systemically misrepresents Chase or a designated MBST to be a creditor in tens of thousands of bankruptcy cases by utilizing manufactured documents. " The lawsuit also claims "That said practice allows Chase to dump defaulted loans that were never properly securitized by Washington Mutual (WAMU) and other originators acquired by Chase into private mortgage backed security trusts by creating the illusion of a valid transfer. Said practice shifts the liability of defaulted loans not properly securitized by WAMU, from Chase to private mortgage backed security trusts. The practice allows Chase to effectively mitigate the millions of dollars in liability of the WAMU acquisition, where WAMU failed to transfer MLNs of its portfolio before its demise. Said practice shifts losses from WAMU to MBST bond investors." Bakenie seeks class certification, compensatory, statutory and punitive damages for unfair and deceptive trade, disgorgement and "an order vacating all bankruptcy orders, claims and awards granted based on Chase's misrepresentation and deceptive business practices". Chase Bankruptcy Fraud Class Action Legal Help If you or a loved one has suffered damages in this case, please click the link below and your complaint will be sent to a lawyer who may evaluate your claim at no cost or obligation.
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Settlement: Historic $10M Settlement Reached in Debt Collection Class Action

Home > Settlements > Historic $10M Settlement Reached in Debt Collection Class Action Historic $10M Settlement Reached in Debt Collection Class Action September 12 2011 Greenville, SC: Thousands of people have been forgiven their debts in a historical unfair business class action settlement reached Friday in Maryland. The class action lawsuit was brought by Jason Hauk and Freddy Velazquez who led the class action suit, against LVNV Funding LLC, a Greenville, SC-based company that buys consumer debt. According to the terms of the settlement some 3,500 people in the class will receive about $2000 each, for a total of $7 million. The total settlement forgives about $10 million in debt, according to filings in U.S. District Court in Baltimore. Further, LVNV will not pursue the 3,500 debtors in order to collect the debt, nor will they be able to sell those debts to other third party collection agencies. And LVNV have to remove information it gave to the major credit bureaus for each of those debtors, a step taken to improve their credit ratings. The settlement is being hailed as historic, http://bankruptcy-software.com and a major win for the class. Legal Help If you have a similar problem and would like to be contacted by a lawyer at no cost or obligation, please fill in the form to the right. Submit Claim
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Law Suit Filed: Nevada Foreclosure Companies Face Illegal Debt Collection Class Action

What are you looking for? Home Page >> Lawsuits Filed >> Lawsuit: Nevada Foreclosure Companies Face Illegal Debt Collection Class Action Nevada Foreclosure Companies Face Illegal Debt Collection Class Action Please click here for a free evaluation of your claim Las Vegas, NV: A foreclosure class action lawsuit has been filed on behalf of 16 Nevadans against five companies hired by banks and lenders to handle the foreclosures on properties owned by the plaintiffs and one additional defendant who purchased property through the foreclosure process. The lawsuit claims illegal debt collection activities and deceptive trade practices by the defendants against the plaintiffs during the foreclosure process as the defendants were not licensed or registered in the State of Nevada to carry out the foreclosure process. The plaintiffs are Nevadans who not only lost their houses in one of the hardest hit real estate markets, but were also adversely affected by foreclosure companies that did not follow the law during the foreclosure process. The lawsuit names as defendants: Quality Loan Service Corporation; Appleton Properties, LLC; MTC Financial, Inc. dba Trustee Corps; Meridian Foreclosure Service dba MTDS, Inc. dba Meridian Trust Deed Service; National Default Servicing Corporation; and California Reconveyance Company. The lawsuit seeks to compensate the plaintiffs and compel the defendants to surrender all fees collected for many thousands of foreclosures during the time they were operating illegally. The case was filed as a class action lawsuit because there are thousands of potential plaintiffs who were victims of these foreclosure companies. The lawsuit alleges that the debt collection activities of the defendants are and/or were illegal and improper because each of the defendants did not hold a license to engage in debt collection activities in the State of Nevada and each also failed to register as a foreign debt collection agency with the Nevada Financial Institutions Division. The illegal and improper debt collection activities include the issuance of debt-related notices, demands, collection communications and/or foreclosure sales and processes. In addition, the plaintiffs also claim deceptive trade practices, consumer fraud, unjust enrichment, trespass, quiet title and in two instances, elder abuse. Plaintiffs are asking for compensatory and consequential damages in excess to $10,000, disgorgement of any amounts paid to defendants for their respective illegal and improper debt collection activities, attorney's fees and injunctive relief. Nevada Illegal Foreclosure Class Action Legal Help If you or a loved one has suffered damages in this case, please click the link below and your complaint will be sent to a lawyer who may evaluate your claim at no cost or obligation.
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